Company registration number 12155847 (England and Wales)
P.J. LEE & SONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
P.J. LEE & SONS LIMITED
COMPANY INFORMATION
Directors
Mr R J Lee
Mr A R J Lee
Mr C P K Lee
Secretary
Mr C P K Lee
Company number
12155847
Registered office
Highflyer Hall
New Barns Road
Ely
CB7 4RA
Auditor
Ensors Accountants LLP
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
P.J. LEE & SONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 28
P.J. LEE & SONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 1 -
The directors present the strategic report for the year ended 30 April 2023.
Review of the business
The principal activity of the company continued to be that of agriculture and agricultural contracting with all activities taking place in the United Kingdom.
The results for the year are set out on page 8 and show turnover for the year of £16,542,355 (2022: £10,852,652 ) and profit/(loss) before taxation for the year £2,928,354 (2022: (£608,045)).
The 2022 cropping year showed a much improved turnover mainly through increased crop prices than those of the the previous two harvest years. However, costs of sales increased significantly year on year, due to increasing input costs and timing differences relating to crop left in store at the balance sheet date and the adverse planting conditions towards the year end resulting in a lower percentage of crops in the ground.
The 2023 cropping year is expected to provide similar results to that of the 2022 cropping year in terms of yield per hectare, but as always the actual result will be very much market dependent.
As reported on the balance sheet on page 9, the company has gross assets £43,701,241 (2022: £45,342,829), net current assets of £2,001,855 (2022: £1,954,031) and overall net assets of £15,661,415 (2022: £12,461,782).
Principal risks and uncertainties
The directors are committed to operating and managing an effective risk policy. The key risks identified by the directors are as follows:
Commodity price exposure
The crop markets have shown significant fluctuation in recent years, the export market being impacted by the reduction in the Sterling value, even though this has generally improved the export prices of certain commodities, this is offset somewhat by the increase in the cost of imports required. The COVID-19 pandemic was the predominant reason for the massive fluctuations in commodity prices at both ends of the scale seen since 2020.
The directors maintain that producing high quality crops as efficiently as possible whilst preserving strong relationships with customers and suppliers and the ability to store produce for longer, thus having better ability to control the timing of sales are the best methods of managing this risk to the company.
Weather factors
Adverse weather conditions can significantly impact crop yields and quality, the business has invested in widespread irrigation infrastructure over the years to mitigate the impact of drought conditions during the growing season and embraces advancements in technology to be able to establish and harvest crops as efficiently as possible such that crops are planted and harvested in optimum conditions.
Credit risk
The continued need for a secured bank facility and the large value of debt owed by customers at any one time poses a credit risk to the company. The risk is mitigated through daily credit chasing as appropriate, monitoring and reporting of the debtor's ledger and management of cash flow position, cash flow forecasting being the most compelling tool to keep abreast of credit requirements.
Foreign exchange risk
The company is not directly exposed to foreign exchange risk as all transactions are conducted in Sterling, however, there is indirect exposure due to imports/exports of inputs/crops overseas. The predominant method to mitigate this is controlling the timing of sales/purchases so they are not made when the exchange rates are heavily adverse.
Liquidity risk
The last 18 months has seen continual increases in interest rates, putting a large number of highly geared businesses under financial strain. The company has exposure to liquidity risk, but the directors manage this by maintaining good channels of communication with finance providers and continually reviewing finance requirements and cash flow forecasts to ensure the business is able to continue to meet its debts as they fall due.
P.J. LEE & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 2 -
Development and performance
Based on the above review of the business, the directors continue to be proactive in identifying areas where infrastructure improvements can be made to improve efficiency. The directors hope to see further return of these measures in the 2023 cropping year,
The company is continually assessing its performance and seeks to take advantage of technological advancements within the industry to improve future efficiency and profitability whilst maintaining the highest level of quality.
Key performance indicators
The directors manage and monitor the business using key performance indicators. These are turnover (both in total and by crop), gross profit and operating profit.
In the year:
- turnover has increased from £10,852,652 to £16,542,355
- gross profit has decreased from £8,237,396 to £7,750,363
- operating loss had increased from (£82,695) to (£334,781)
Mr C P K Lee
Director
21 February 2024
P.J. LEE & SONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
The directors present their annual report and financial statements for the year ended 30 April 2023.
Principal activities
The principal activity of the company continued to be that of agriculture and agricultural contracting.
Results and dividends
The results for the year are set out on page 8.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R J Lee
Mr A R J Lee
Mr C P K Lee
Auditor
Ensors Accountants LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr C P K Lee
Director
21 February 2024
P.J. LEE & SONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
P.J. LEE & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF P.J. LEE & SONS LIMITED
- 5 -
Opinion
We have audited the financial statements of P.J. Lee & Sons Limited (the 'company') for the year ended 30 April 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 April 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
P.J. LEE & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF P.J. LEE & SONS LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company are complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.
P.J. LEE & SONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF P.J. LEE & SONS LIMITED
- 7 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jayson Lawson
Senior Statutory Auditor
For and on behalf of Ensors Accountants LLP
21 February 2024
Chartered Accountants
Statutory Auditor
Victory House
Vision Park
Chivers Way, Histon
Cambridge
CB24 9ZR
P.J. LEE & SONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2023
- 8 -
2023
2022
Notes
£
£
Turnover
3
16,542,355
10,852,652
Cost of sales
(8,791,992)
(2,615,256)
Gross profit
7,750,363
8,237,396
Administrative expenses
(8,957,565)
(8,902,391)
Other operating income
872,421
582,300
Operating loss
5
(334,781)
(82,695)
Interest receivable and similar income
8
414
164,994
Interest payable and similar expenses
9
(927,773)
(690,344)
Exceptional item
4
4,190,494
Profit/(loss) before taxation
2,928,354
(608,045)
Tax on profit/(loss)
10
271,279
(95,407)
Profit/(loss) for the financial year
3,199,633
(703,452)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
P.J. LEE & SONS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2023
- 9 -
2023
2022
£
£
Profit/(loss) for the year
3,199,633
(703,452)
Other comprehensive income
-
-
Total comprehensive income for the year
3,199,633
(703,452)
P.J. LEE & SONS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
1,048
1,305
Tangible assets
12
33,323,515
32,203,647
33,324,563
32,204,952
Current assets
Stocks
13
3,058,829
6,816,163
Debtors
14
7,315,605
6,319,289
Cash at bank and in hand
2,244
2,425
10,376,678
13,137,877
Creditors: amounts falling due within one year
15
(8,374,793)
(11,183,846)
Net current assets
2,001,885
1,954,031
Total assets less current liabilities
35,326,448
34,158,983
Creditors: amounts falling due after more than one year
16
(17,765,710)
(20,285,832)
Provisions for liabilities
Deferred tax liability
19
1,899,323
1,411,369
(1,899,323)
(1,411,369)
Net assets
15,661,415
12,461,782
Capital and reserves
Called up share capital
21
100
100
Share premium account
17,900,538
17,900,538
Profit and loss reserves
(2,239,223)
(5,438,856)
Total equity
15,661,415
12,461,782
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr C P K Lee
Director
Company registration number 12155847 (England and Wales)
P.J. LEE & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2021
100
17,900,538
(4,735,404)
13,165,234
Year ended 30 April 2022:
Loss and total comprehensive income
-
-
(703,452)
(703,452)
Balance at 30 April 2022
100
17,900,538
(5,438,856)
12,461,782
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
3,199,633
3,199,633
Balance at 30 April 2023
100
17,900,538
(2,239,223)
15,661,415
P.J. LEE & SONS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
3,352,345
2,006,521
Interest paid
(927,773)
(689,978)
Income taxes refunded/(paid)
421,680
(7,295)
Net cash inflow from operating activities
2,846,252
1,309,248
Investing activities
Purchase of intangible assets
(1,540)
Purchase of tangible fixed assets
(507,012)
(1,528,781)
Proceeds from disposal of tangible fixed assets
3,586,907
949,503
Interest received
414
106,842
Other income received from investments
58,152
Net cash generated from/(used in) investing activities
3,080,309
(415,824)
Financing activities
Repayment of bank loans
(4,127,669)
(632,261)
Loan break receipt
4,190,494
Payment of finance leases obligations
(3,496,895)
(677,771)
Net cash used in financing activities
(3,434,070)
(1,310,032)
Net increase/(decrease) in cash and cash equivalents
2,492,491
(416,608)
Cash and cash equivalents at beginning of year
(3,067,360)
(2,650,752)
Cash and cash equivalents at end of year
(574,869)
(3,067,360)
Relating to:
Cash at bank and in hand
2,244
2,425
Bank overdrafts included in creditors payable within one year
(577,113)
(3,069,785)
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 13 -
1
Accounting policies
Company information
P.J. Lee & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Highflyer Hall, New Barns Road, Ely, CB7 4RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Entitlements
5 years straight line
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
buildings at 2% on a straight line basis, land is not depreciated
Plant and equipment
between 10% and 30% on a reducing balance basis, or 5% on a straight line basis
Motor vehicles
25% on a reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 15 -
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 16 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 17 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 18 -
1.16
Exceptional items are considered where such a transaction or balance is material to the company and where presentation separately is required in order to understand the company's performance.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
All turnover arose within the United Kingdom and was in relation to the principal activity of the company, the directors are of the opinion that all turnover falls into one class of business activity.
2023
2022
£
£
Other revenue
Interest income
414
106,842
4
Exceptional item
During the year the company renegotiated the terms of its loan. In doing so, the company received a one-off break payment from the bank totalling £4,190,494. This was recognised as a credit in the Profit and Loss Account and a corresponding reduction in the company's overdraft within current liabilities within the Balance Sheet.
5
Operating loss
2023
2022
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
12
Fees payable to the company's auditor for the audit of the company's financial statements
22,200
Depreciation of owned tangible fixed assets
1,037,368
788,637
Depreciation of tangible fixed assets held under finance leases
530,454
757,839
Profit on disposal of tangible fixed assets
(1,364,335)
(151,257)
Amortisation of intangible assets
257
235
Operating lease charges
9,045
11,432
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 19 -
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Directors
3
3
Operational staff
36
37
Total
39
40
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
1,450,324
1,307,320
Social security costs
152,618
134,264
Pension costs
22,396
22,805
1,625,338
1,464,389
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
54,773
60,252
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
414
106,842
Income from fixed asset investments
Income from participating interests - joint ventures
58,152
Total income
414
164,994
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 20 -
9
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
733,952
566,980
Other interest on financial liabilities
366
733,952
567,346
Other finance costs:
Interest on finance leases and hire purchase contracts
193,821
122,998
927,773
690,344
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 21 -
10
Taxation
2023
2022
£
£
Current tax
Adjustments in respect of prior periods
(421,681)
Deferred tax
Origination and reversal of timing differences
(271,279)
517,088
Total tax (credit)/charge
(271,279)
95,407
The actual (credit)/charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit/(loss) before taxation
2,928,354
(608,045)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 19.49% (2022: 19.00%)
570,829
(115,529)
Tax effect of expenses that are not deductible in determining taxable profit
9,973
6,598
Gains not taxable
149,771
21,756
Change in unrecognised deferred tax assets
(845,910)
986,512
Adjustments in respect of prior years
(421,681)
Effect of change in corporation tax rate
126,576
(131,815)
Deferred tax adjustments in respect of prior years
(175,206)
Fixed asset difference
(238,099)
(73,471)
Other tax adjustments, reliefs and transfers
(44,419)
(1,757)
Taxation (credit)/charge for the year
(271,279)
95,407
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 22 -
11
Intangible fixed assets
Entitlements
£
Cost
At 1 May 2022 and 30 April 2023
1,540
Amortisation and impairment
At 1 May 2022
235
Amortisation charged for the year
257
At 30 April 2023
492
Carrying amount
At 30 April 2023
1,048
At 30 April 2022
1,305
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
23,458,770
11,639,713
451,309
35,549,792
Additions
4,704,375
205,887
4,910,262
Disposals
(125,000)
(3,264,912)
(129,059)
(3,518,971)
At 30 April 2023
23,333,770
13,079,176
528,137
36,941,083
Depreciation and impairment
At 1 May 2022
177,154
2,956,549
212,442
3,346,145
Depreciation charged in the year
75,013
1,410,085
82,724
1,567,822
Eliminated in respect of disposals
(1,225,313)
(71,086)
(1,296,399)
At 30 April 2023
252,167
3,141,321
224,080
3,617,568
Carrying amount
At 30 April 2023
23,081,603
9,937,855
304,057
33,323,515
At 30 April 2022
23,281,616
8,683,164
238,867
32,203,647
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and equipment
5,304,934
4,428,356
Motor vehicles
150,312
77,484
5,455,246
4,505,840
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 23 -
13
Stocks
2023
2022
£
£
Raw materials and consumables
3,058,829
6,816,163
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,648,295
1,548,376
Corporation tax recoverable
7,296
428,976
Other debtors
2,512,639
3,969,442
Prepayments and accrued income
388,142
372,495
6,556,372
6,319,289
Deferred tax asset (note 19)
759,233
7,315,605
6,319,289
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
1,145,487
4,005,185
Obligations under finance leases
18
1,148,706
1,073,385
Trade creditors
3,101,674
3,586,635
Taxation and social security
39,948
53,420
Other creditors
2,724,750
2,245,470
Accruals and deferred income
214,228
219,751
8,374,793
11,183,846
The bank loans and overdrafts are secured by fixed and floating charges over land at Sutton Gault, Aldreth, Ely and Chatteris, Cambridgeshire and floating charges over the other assets of the company.
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
17
11,479,750
15,240,393
Obligations under finance leases
18
3,096,536
2,265,502
Other borrowings
17
550,000
550,000
Other creditors
2,639,424
2,229,937
17,765,710
20,285,832
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
16
Creditors: amounts falling due after more than one year
(Continued)
- 24 -
The bank loans and overdrafts are secured by fixed and floating charges over land at Sutton Gault, Aldreth, Ely and Chatteris, Cambridgeshire and floating charges over the other assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
13,141,191
11,382,273
17
Loans and overdrafts
2023
2022
£
£
Bank loans
12,048,124
16,175,793
Bank overdrafts
577,113
3,069,785
Preference shares
550,000
550,000
13,175,237
19,795,578
Payable within one year
1,145,487
4,005,185
Payable after one year
12,029,750
15,790,393
The loans are secured by fixed and floating charges over land at Sutton Gault, Aldreth, Ely and Chatteris, Cambridgeshire and floating charges over the other assets of the company.
18
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
1,148,706
1,073,385
In two to five years
3,096,536
2,265,502
4,245,242
3,338,887
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 25 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
1,899,323
1,411,369
-
-
Tax losses
-
-
759,233
1,899,323
1,411,369
759,233
-
2023
Movements in the year:
£
Liability at 1 May 2022
1,411,369
Credit to profit or loss
(271,279)
Liability at 30 April 2023
1,140,090
The deferred tax liability specified above is due to accelerated capital allowances is expected to reverse over the lives of the assets to which it relates.
The deferred tax asset detailed above relates to utilisation of available unrelieved tax losses in relation to probable future taxable profits. This is expected to reverse over the next 12 months.
20
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
22,396
22,805
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
21
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
68
68
68
68
Ordinary B shares of £1 each
32
32
32
32
100
100
100
100
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
21
Share capital
(Continued)
- 26 -
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable A shares of £1 each
250,000
250,000
250,000
250,000
Redeemable B shares of £1 each
300,000
300,000
300,000
300,000
550,000
550,000
550,000
550,000
Preference shares classified as liabilities
550,000
550,000
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
443,539
429,790
Between two and five years
362,877
241,695
806,416
671,485
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2023
2022
£
£
Within one year
200
200
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
681,600
24
Events after the reporting date
Post year end, farmland was sold for £1.675m.
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 27 -
25
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The company made sales of £3,950,629 (2022 - £1,502,261) of goods and services to companies under common control. At the year end the company was due £4,850,908 (2022 - £5,738,509) from these companies.
During the year, a general provision of £298,032 was provided against a balance due from a party under common control.
Other information
Included within other creditors at the year end is a balance of £1,537,757 (2022 - £1,286,329) owed to directors. The loan is interest free and repayable on demand.
26
Cash generated from operations
2023
2022
£
£
Profit/(loss) for the year after tax
3,199,633
(703,452)
Adjustments for:
Taxation (credited)/charged
(271,279)
95,407
Finance costs
927,773
690,344
Investment income
(414)
(164,994)
Gain on disposal of tangible fixed assets
(1,364,335)
(151,257)
Fair value gain on investment properties
(4,190,494)
Amortisation and impairment of intangible assets
257
235
Depreciation and impairment of tangible fixed assets
1,567,822
1,546,476
Movements in working capital:
Decrease/(increase) in stocks
3,757,334
(1,572,109)
(Increase)/decrease in debtors
(658,763)
1,379,433
Increase in creditors
384,811
886,438
Cash generated from operations
3,352,345
2,006,521
During the year the company purchased £4,403,250 worth of plant and machinery through finance leases. These are non-cash transactions.
P.J. LEE & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 28 -
27
Analysis of changes in net debt
1 May 2022
Cash flows
New finance leases
30 April 2023
£
£
£
£
Cash at bank and in hand
2,425
(181)
-
2,244
Bank overdrafts
(3,069,785)
2,492,672
-
(577,113)
(3,067,360)
2,492,491
(574,869)
Borrowings excluding overdrafts
(16,725,793)
4,127,669
-
(12,598,124)
Obligations under finance leases
(3,338,887)
3,496,895
(4,403,250)
(4,245,242)
(23,132,040)
10,117,055
(4,403,250)
(17,418,235)
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